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The United States economy is largely driven by small businesses. Nationwide, small firms with fewer than 500 employees represent 99.9 percent of the 26.8 million businesses in America. Small businesses employ about 50 percent of the private workforce and are the principal source of new jobs in the U.S. economy. In Utah, about 97 percent of businesses qualify as "small businesses" with fewer than 500 workers.
With such a high percentage of small businesses, it's important to have companies designed to assist them. Leland Palmer's company, L & B Systems in South Jordan, is intended to do just that. The company specializes in helping small businesses of up to 10 employees with payroll — something many business owners struggle with. But Leland also offers tax preparation, bookkeeping and accounting.
Leland graduated from the University of Utah with a business degree. He was providing accounting services for companies until his neighbor, who owned a foundering payroll company, asked for Leland's assistance in figuring out what was wrong and how to fix it. Within two years, Leland purchased the company and has significantly grown the business since.
He finds it rewarding to see his clients discover how simple payroll can be. One of his favorite experiences came from a client who wanted Leland to do his payroll as he prepared to hire his two sons. He was shocked when he discovered how much simpler payroll was than he'd ever thought. With assistance from L & B Systems, he hired 15 employees during the building boom and kept his company afloat.
Leland provides his clients with a five-step pyramid that will help them be successful if they follow his advice: 1) enjoy what you're doing; 2) surround yourself with good people, including your banker, accountant and employees; 3) pay yourself so you have motivation to continue; 4) live within a budget and save five percent of your income; 5) get a good accountant and know your numbers.
For Zions Bank, I'm Rob Brough. I'm speaking on business.